Commerzbank acquires majority stake in Aquila European Renewables manager
The move is aimed at 'significantly accelerating' Aquila Capital’s growth to become one of the 'leading asset managers' for sustainable investment strategies in Europe.
On Thursday (18 January), the Frankfurt-based bank said it had entered into a strategic partnership with Aquila Group, in which Commerzbank would acquire a 74.9% stake in Aquila Capital.
The move is aimed at «significantly accelerating» Aquila Capital's growth to become one of the «leading asset managers» for sustainable investment strategies in Europe.
The transaction is subject to the required regulatory approvals and is expected to close in the second quarter 2024. Once completed, Aquila Group will remain engaged as a shareholder with its remaining stake.
Octopus Renewables trust makes bid for Aquila European Renewables
Aquila Group manages the Aquila European Renewables investment trust, which holds £389.1m in assets and is currently trading at a 19.8% discount to net asset value, according to the Association of Investment Companies.
The firm manages €14.6bn on behalf of institutional investors worldwide, making it one of the largest clean energy portfolios in Europe.
In a stock exchange notice, the trust said the partnership «ensures the managerial independence of the trust's investment adviser», as it will remain autonomous in terms of operations, investment decisions, product development and brand representation.
Aquila Energy Efficiency investors vote against continuation
«The existing management and fund management teams responsible for the company will remain unchanged,» it added.
At the end of last year, Investment Week reported the Octopus Renewables investment trust had made several attempts to engage with Aquila European Renewables
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